Financial Services and Markets Bill

Financial Services and Markets Bill - continued	House of Commons

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	PART XIII
	DISCIPLINARY MEASURES
Public censure.	179. If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, the Authority may publish a statement to that effect.
Financial penalties.	180. - (1) If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.
	(2) The Authority may not in respect of any contravention both require a person to pay a penalty under this section and withdraw his authorisation under section 30.
	(3) A penalty under this section is payable to the Authority.
Proposal to take disciplinary measures.	181. - (1) If the Authority proposes-
	(a) to publish a statement in respect of an authorised person (under section 179), or
	(b) to impose a penalty on an authorised person (under section 180),
	it must give the authorised person a warning notice.
	(2) A warning notice about a proposal to publish a statement must set out the terms of the statement.
	(3) A warning notice about a proposal to impose a penalty, must state the amount of the penalty.
Decision notice.	182. - (1) If the Authority decides-
	(a) to publish a statement under section 179 (whether or not in the terms proposed), or
	(b) to impose a penalty under section 180 (whether or not of the amount proposed),
	it must without delay give the authorised person concerned a decision notice.
	(2) In the case of a statement, the decision notice must set out the terms of the statement.
	(3) In the case of a penalty, the decision notice must state the amount of the penalty.
	(4) If the Authority decides to-
	(a) publish a statement in respect of an authorised person under section 179, or
	(b) impose a penalty on an authorised person under section 180,
	the authorised person may refer the matter to the Tribunal.
Notice for payment.	183. - (1) If the Authority imposes a penalty on an authorised person under section 180 it must give him a notice under this section ("a notice for payment").
	(2) A notice for payment must-
	(a) be in writing; and
	(b) require the authorised person to pay the penalty before the end of such period as may be specified in the notice.
	(3) The specified period may not be less than 14 days beginning with the date on which the notice is given.
	(4) If all or any of the amount payable under a notice for payment is outstanding at the end of the specified period, the Authority may recover the outstanding amount as a debt due to it.
Publication.	184. - (1) After a statement under section 179 is published, the Authority must send a copy of it to the authorised person and to any person on whom a copy of the decision notice was given under section 350(2).
	(2) Subsection (3) applies if, having considered imposing a financial penalty on an authorised person under section 180, the Authority decides not to impose it.
	(3) If the authorised person consents to the decision being made public, the Authority may publish information of a prescribed kind, in the prescribed way, about it.
Statements of policy.	185. - (1) The Authority must prepare and publish a statement of its policy with respect to-
	(a) the imposition of penalties under this Part; and
	(b) the amount of penalties under this Part.
	(2) The Authority's policy in determining what the amount of a penalty should be must include having regard to-
	(a) the seriousness of the contravention in question in relation to the nature of the requirement contravened;
	(b) the extent to which that contravention was deliberate or reckless; and
	(c) whether the person on whom the penalty is to be imposed is an individual.
	(3) The Authority may at any time alter or replace any material published under this section.
	(4) If any such material is altered or replaced, the Authority must publish it as altered.
	(5) If the Authority publishes material under this section it must, without delay, give a copy to the Treasury.
	(6) Material must be published under this section in such a way as the Authority considers most suitable for bringing it to the attention of authorised persons.
	(7) If the Authority is-
	(a) preparing material for publication under this section, or
	(b) considering altering material which it has published under this section,
	it must consult such persons as it considers appropriate.
	(8) In exercising, or deciding whether to exercise, its power under section 180 in the case of any particular contravention, the Authority must have regard to any material published under this section at the time when the contravention in question occurred.

Prepared 14 December 1999